Anchor Land 2012 income jumps 22% to P1-B
MANILA, Philippines - Property company Anchor Land Holdings Inc. posted a 22% jump in its 2012 net income to P1.03 billion from P841.7 million on the back of strong performance of its commercial and residential projects.
In a disclosure to the PSE on Monday, April 15, the company attributed the robust numbers to rental income that tripled to P171.47 million from P43.55 million a year ago as its One Shopping Center and Two Shopping Center commercial projects in Pasay City began full operations.
"This significant (net income) milestone, coming as it does on only out 6th year since going public, is a testament to the incredible path that Anchor Land has blazed in the local real estate industry that, in the process, has brought enormous returns to our shareholders year after year," said Anchor Land Chairman Stephen Lee.
Anchor Land also reported record revenues at P4.14 billion in 2012, up 37% from P3.02 billion. The company said that the bulk of its revenue came from ongoing residential projects like the Anchor Skysuite and the Wharton Parksuites in the Chinatown area of Manila, the 2nd phase of SoleMare Parksuites in Parañaque, Claremont Hills in San Juan City and the Admiral Baysuites in Roxas Boulevard.
Lee said that Anchor Land has posted increases in revenue and income for every quarter since it listed. He added the company registered a 24% jump in assets in 2012 to P13.32 billion from P10.74 billion.
"This gives management another opportunity to pursue more innovative and market-focused real estate developments where Anchor Land has acquired considerable expertise and,
Anchor Land has earmarked P5 billion in capital expenditures in 2013 to fund new projects and its existing developments. The money will be directed towards projects such as the Monarch Parksuites near SM Mall of Asia and Pagcor Entertainment City, Oxford Parksuites and Princeview Parksuits in Chinatown and an unnamed luxury development along Roxas Boulevard. - Rappler.com